see. david: we will be seeing annual shareholder meeting, very interesting. a proposal that will split the ceo jamie dimon. chairman and liz: dennis with "money" next. dennis: here is who made money today. he sold tumblr to yahoo for $1.1 billion in cash. high school dropout just 26 years old reportedly will make more than $200 million personally from the deal. so let's be happy for him. also, gold bust, the longest in the financial crisis. jumping up 1.5%. and coming up short on "money," "star trek." it won the weekend box office but fell short of the $100 million.

they do not have enough fan boys to get them into theaters. even when they say it is not, it is always about "money." ♪ dennis: our top story, apple ceo tim code is heading to d.c. to testify before congress tomorrow expected to face tough questions on why apple has $100 billion of foreign profits outside the u.s. but he will argue our current tax code forces companies to hold overseas profits offshore rather than bring it home. so while lawmakers listen to what coke has to say and revamp the tax code? here with more our heritage foundation analysis and liz macdonald. you have listened to the testimony, what is cook going to say tomorrow?

>> he is going to push back to his critics in the media which have said it does not use any tax gimmicks, he will say apple is one of the biggest if not the biggest corporate taxers in the united states. he will say cut the corporate tax rates, simplify it, we will willingly pay more corporate taxes if you do that. apple support 600,000 jobs and has created or supported 600,000 u.s. jobs including those in the apple economy. he will say pension funds including public pension funds in michigan, ohio and kentucky relied heavily on apple shares as well. dennis: the i have done very we. do you suspect this hearing is aimed at great new ideas to refm the tax code and help companies in cash home where is the purpose to beat up on apple for not paying more taxes?

>> definitely the b it nobody is talking about the reason why apple and other companies have so much income part offshore. it is because of the corporate tax system. we are one of the only countries in the world the tax on income they earn around the world, a worldwide tax system. in a group of organizations economic cooperative developme development, only a few other countries do that but they have much more rate than we do. they're keeping income abroad because we add the extra layer of tax. dennis: i was told if you cut the 35% tax rate down to 5% as the treasury department tried you would bring home instaatly $800 billion in private money and a whole new stimulus package without taxpayer dollars. liz: they will say government spending creates economic growth but also ironically blast

companies like dividends with economic growth. the corporate rate is 35%, companies tend to lower it. u.s. companies get taxed twice, first by the overseas government and when the money is repatriated back here. one of the few. the walmart, ge, apple of the world go up against companies in china, germany, canada at lower rates. given political pressure from both companies to congress to write loopholes into the law, and then they get donations, congress gets donations. dennis: i get the feeling in washington there is this feeling it is unpatriotic to find ways to pay less legally on their

taxes and that is one of the thinns driving. what do you say? speaker that is important to point out. they are avoiding taxes, keep your tax bill as low as possible, and that is what they are doing. the income offshore, i really object to that classification of shifting is in the u.s. income from selling them in the uk, france, germany. dennis: if we're going to cut the tax rate, it ought to force them to hire people. it is terribl terrible that brot home and paid it into dividends. the cash belongs the shareholders of apple, why should it be used to pay dividends?

>> essentially the gentleman is right, apple does keep that money, two-thirds from part overseas. they are growing their business overseas in europe and asia back into apple and back into support the r&d they are keeping in california, so it is important debates to happen because apple will set the tone and basically show the viewers this is a lesson into what is going on. dennis: will we see some breakthrough and policy in the hearing tomorrow with tim cook or will this be an opportunity for congressman to beat up on the guys not paying higher taxes? >> there is opportunity to move forward on policy because he insists on pushing forward tax reform.

and very detailed plan on and national tax and president obama is open to tax reform so we could see movement in that specific area. dennis: thank you for being with us. time for the fuel gauge report. the new ceo, senior vice president, and now investors approve shares of chesapeake energy climbing after the news. alaska offering up $50 million to the federal government to fund the assessment of oil prospects in the national wildlife refuge. drilling in the end war.and more for years. oil futures during the broader rally for commodities hitting a high. so in $96.71 per barrel.

and next on "money," yahoo million dollars buyout of tumblr touted with criticism, but it may be melissa meyer's most brilliant move yet. plus, record profits and a stock gain, so some shareholders wants to strip jamie dimon of his chairman title. what are they thinking? more "money" coming at you.

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dennis: it is the talk of the tech today. it's yahoo making a billion dollars mistake buying up tumblr? hoping to turn the users into ad viewing, revenue generating machines. a company that had a $13 million in revenue last year, how can it be worth over a billion dollars? let's bring in the experts. let's start with you. my experience with you, and often hate most everything, yet

this deal actually has an upside, let's hear it. >> first of all i think a billion dollars in silicon valley isn't what it used to be. it seems like a lot of money, but maybe not. i think tumblr had a chance to become the number three platform that matters. facebook, twitter, and no clear number three. what is even cooler about tumblr it is young and cool when people are looking to ultimate social networks, tumblr is one that the young, cool kids want to be. dennis: is yahoo operating from strength or out of desperation and weakness? >> tumblr mac yahoo missed the social media revolution, and they blew the mobile revolution

which is providing the growth on valley. this acquisition is aimed to get those who hold a different strategy. we actually have very strong growth in mobile, so there's a potential for this to work out over time, but a lot of risks and bumps in the road to have to go through. dennis: you say it is sort of play money because they brought in a whole bunch of cash. it is not like they used bubble inflated shares, turning out to be a cheaper deal, but one way to make the real billion dollars earned money is to bring in ad revenue. if you look at the tumbler site, a lot of advertisers would be terrified to have their brand knew some of those things. what do you say?

>> i think that is less than a risk and people have made it to be. your advertising to somebody's dashboard, to the member, not against all of that content. you don't have to worry it will end up next to some of that content. in terms of the value, you are right, a billion dollars is a lot of money. what i love is what she is really saying is you are not going to take this company that used to be $7 billion turn it around with a little acquisition in a sense you need transformational deals. i love the fact she is saying yahoo has to be utterly re-created from inside and let's go buy something that is great and promising and make a bet they could not make money of that site but the 2500 salespeople coulddprobably make money off of this big pile of

users. it is very risky and very daring, but i love melissa meyer for doing it. >> some people would say this is not necessarily the best risk they could take. dennis: a totally different sites, no links between them. >> we will see. the barrier to entry on a social network is very low. the other risk is if they try to monetize it to aggressively, that can scare people away. dennis: kudos to both of you.

take care, gentlemen. coming up tomorrow, the much anticipated vote on whether to strip jamie dimon of the chairmanship. and plus, where there is smoke, usually there is fire. the targeting them even before the recent irs scandal? he will be with us to give his reaction. can you ever have too much money? no. it's monday.

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tivo reporting revenues slightly below estimate. better yet, tivo so the biggest quarterly increase in subscriptions in seven years. the stock is up a little bit after hours. and the countdown is on tomorrow. will he keep chairman and ceo roles? so far the vote to split was 40%, but why? record profits this year, up 50% in the past year. let's find out how it will play out. you watch this stuff closely, do you think what percentage of shares will vote in favor of splitting the title? >> about the same as last year. they are not at all bound by

shareholder expression. dennis: so why are we covering this now? >> it is angst about big banks, jamie dimon, take your pick. he does this all himself, the problem with the london trading operation was a complete fiasco from a communications perspective. if they had gotten the story right from the beginning we would not be having this conversation. dennis: is this proposal more aimed at smacking jamie dimon around, or is it aimed at corporate reform because the company will operate better if there are separate titles? >> i think it is about jamie dimon. maybe 45, 46%. if it got close to 60%, the board would be forced to do something, but this is mostly about taking jamie dimon down a notch. i don't see this as something that will necessarily add value because the threat he has made

of leaving i find it credible, some might not. >> he shouldn't leave. i actually agree you should separate the ceo and the chairman, especially in the banks. because of this feeding frenzy, i think the personality issues between him and members of the media for example, she provoked him. dennis: why do you think these roles should be separated when it doesn't show a company provides any better when you have independent board with a strong independent lead, that can serve that entire roll. >> it is about checks and balances like the political system. we don't have direct democracy, we have representative democracy. the officers and directors do not have a duty to the shareholders, they have a duty

to the enterprise. when you have small shareholders that cannot affect anything they simply give wages from their investment but they cannot assert control. you need a balance between the manager who is not a signifiiant shareholder. you could be both, of course you can. dennis: i can see how this proposal does anything of what he was talking about. this is a way to humiliate a guy who helped lift the stock over 50% and for people that are proposing it. >> i think chris and i might take different definitions to ensure the order. the guy is tied to the company, i certainly think he is trying to carry out the wishes of the shareholders. the real problem is it is

probably counter to public policy, but that is a different question altogether. part of the problem is so difficult for a hostile read on a tank. i don't see necessarily separating the chair from the ceo facing those, to some extent this is a sideshow to me from what the real issues are. dennis: i believe enron had a chairman and president so at least the structure was in place. >> no doubt. if you have a company that is a mess, does not matter what your structure is. the point is citigroup, we never would have gotten rid of the drum panted. dennis: i get the last word.

thank you to both of you, appreciate it. tomorrow adam shapiro live from tampa with the shareholder meeting, don't miss it. horrific storms ripping through oklahoma this afternoon. issuing tornado warnings for the southern part of the state including oklahoma city. >> we are seeing widessread damage in oklahoma, and milewide drago has touched down, and a huge tornado flattened an area near oklahoma city leaving behind major wreckage and the storm system has touched more than 10 states now. at least two schools were in the path of the storm, which you can see the tornado blowing through wide spaces of oklahoma. this is their worst fears have happened today, materialized,

and two people unfortunately were killed yesterday from the tornadoes, 39 people have been injured. major wreckage all over oklahoma. those are either electronic powerlines exploding or ripping apart or cross generators from local tv reports. the tornado moving across oklahoma touching down at certain points. dennis: thank you. speaking of the local reports, i think we will go to fox affiliate for coverage. >> the strong rotation will wasd to your south. now we have to keep in mind this will keep on tracking northeast trying to take somewhat of a right turn which means it will likely intensify trying to rotate and circulate.

you should be in your safe spot, the lowest level of your home somewhere in the bathroom, the closet or the hallway. if you can get underground, that is fine. not a lot of people have safe rooms, but if you have one, jump in your safe room or your safe house. that is where the most immediate threat of a possible tornado is at. you are not seeing anything on the chat room, were you? >> there are reporting of strong system off to the east. use of sugden. >> they are coupling together. you have a very serious rotation, you can see the notch. a dry notch right here, being

sucked into the storm and the storm is lifting coming out like this. that is why you are seeing some big hail likely, moving this way. as you are in path of the storm. same for waurika. three storms we are worried about. this one right here, this circulation wrapping back up again. steve, are you with me? we lost steve for a second, but on storm watch, it looks like, that is his stream right there. what you can see on the radar, that is translating to what we are seeing right here. on the storm right around the

meeker area, it could go like from this to something on the ground in a matter of minutes because this system has had a history of doing that. we are seeing the wall cloud. hard to say if it is rotating or not based on this video. strong updraft right here. a lot of inflow up into the storm sucking a lot of things in as far as the energy is concerned, that is chasing that one, and let's go back and i will show you where that is at. here is your rotation, this is where the wall cloud was at on the video. it will be there in about 80 minutes or so, tracking right over payson and go right over the top of sparks. you should be in the lowest level of your home, underground

is the best place to be. otherwise a safe room, lowest level, bathroom, hallway, closet. this is your rotation, this bears watching because of the history of the storm as well. we have this one, before we go let's zoom out. >> north of the air force base. >> that is what we are seeing right there. the super cell we are concerned about, if there is a tornado warning on it, they are almost ready to punch the core of this super cell and will let us know what is going on. dennis: let's leave the emergency weather report. we have some helicopter footage wwe're going to show you of oklahoma city area being struck

by three separate super storms and tornadoes. so amazing footage of a big funnel cloud. now you can see the damage being done from these tornadoes, more terrifying in a shorter amount of time. telling people to be safe on the floor, of course they are sitting in their living room wondering what to do next. you can see probably one of the news crew helicopter. think about being up there in the air when they're is a tornado within your line of sight, not a place i would want to be enough to give credit to the journalists. they already have a bulldozer. previously. and wondering what else to do and where we will go. >> -- dennis: we will go to break and stay up today with this situation. meanwhile, we will be back. lots of "money" coming up, and

all that.

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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into tir 90s. and that's a great thing but even though we're living longer, one tng that hasn't changed much is the official retirement age. ♪ the question is how do you ke sure you have the money you need to enjoy all of these years. ♪ ♪ dennis: of the assertion from republicans that somehow this i that the president allowed this to happen is offensive, absolutely offensive. there is evidence to support it. dennis: that was white house senior adviser dan pfeiffer making the rounds on a sunday morning news programs affecting the president from the irs scandal.

reports now show that the white house lawyers knew about the inappropriate targeting conservative groups which raise so many more questions. why did the president know, where and when they start, and what other government departments might be doing similar things? let's turn the clock back nearl two years and you will remember that the fed's, the raid on gibson guitars for importing illegal would. the bill might have been a politically motivated attack. and in retrospect, we are wondering because it revealed them was all part of a longstanding pattern. here with his side in a fox business exclusive we have this ceo of gibson guitar. thank you for coming on the show . appreciate you being year. we thought about you instantly if in the wake of the irs thing because we thought, what do you feel now in the have to worry about when they crack down on you it was a politically motivated attempt at scaring yo some have? >> well, i still have not been able to determine what

specifically cost the raid and very hostile actions that the government took, but certainly someone had to make a decision to spend a lot of taxpayer mone to go after gibson and tried to injure our company in they coul have been political. dennis: what happened in your case, if i understand correctly is that there is a rage, as if you're importing cocaine. in view bought some kind of woo from madagascar and apparently there were is some kind of endangered species problem. what was the outcome? peter is there were two separat raids. >> there were two separate raids . one was for would defer madagascar are in the other is from india. we basically settled and paid a fine of $300,000 which is far less than i legal fees.

and they give us back the way from india and we continue to d business in baez same would . dennis: you continue to get the same one? at dahlia were dan was somehow illegal. when another businessman sees this and you are a donor to a republican party, that they giv an eagle? >> by no means, and i was shocked, you know. dennis: do you know to this day? is it being self aggrandizing i you start a campaign saying the came after me because i am a conservative? what happens when other businesses now receive any letter of inquiry from an a obama administration is seeking back to they have to worry that there is some subtext? >> well, i did not even get a letter. i just got guns. you know, adding that there is

potential for a command to abus of authority, and it happens al the time. it happened in our case, and i think it is a real concern. and i plan on spending time and ttying to reverse this trend of overreaching government. dennis: i spoke to a wall stree lawyers said, or you're looking at is not so much the imperial presidency but the imperial bureaucracy anddare you that whether obama or his tebow are basically having a bureaucratic view that congress refused to, refusing to pass tappan's trade. the epa began banning carbon dioxide. suddenly it is now a hazardous substance. what do you think of the imperial bureaucracy. >> a think it is exactly right, and the really concerning part is, there are no consequences when a bureaucracy oversteps. they are protected. and if i do something wrong as assistant, i am held accountable

. i have -- i can have all lawsuit . i can have government regulatio and action, but if a bureaucrat in the executive branch does something wrong, he is probably nameless and will every found out, second, there is no recourse. and that just goes against our justice system. dennis: so far only one guy, according in june anyway. last question, are you going to call for or is anyone called you , your congressman to say, you want an investigation done by e-mails chairman said the government dogma but your case before dysgeusia politics playe a raw? >> well, no one has perce. i discussed the possible investigation with congressiona members before we settled. dennis: maybe there will be new interest.

alterra raise. ceo of gibson guitar. >> thank you for having me. dennis: coming up, experts promised to keep gas prices for the summer, but that is now we are seeing at the pump. how much worse can get? zero were you are. the end of the day it is all about "money". ♪ [ woman ] for david and kelly, a playful thought...

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♪ dennis: a mile wide tornado has hit oklahoma wreaking havoc on property to up property in sending emergency vehicles to troubled areas. neighborhoods are flattened. see a neurologist joins us on the phone. is the danger over or are these tornadoes still going on and ca form? >> they can form and into the evening hours. it will back down a little bit. there is a second time late night that carnatic activity reaches another peak between tw and 5:00 a.m. the further east in this particular case. we see that happen from time to time and it has to do with what we call the biometric pressure

in the atmosphere. you see that sometimes in this may be a case where people further ease may have to be concerned, but this outbreak is late in coming because there ha been so much cold air around an asia stop the tornado season dense tracks. we are finally getting a lot of heat into the butter -- weather pattern. this is much like a week before labor day, hurricanes, welcome memorial day, this is the prime time of the year for a frenetic activity, so is sort of a silve lining because this is the peak of the action this year. we go back the other way after this, but stewart three more days where we have to be very concerned about this system. a lot of abnormally warm and humid air in a weather pattern that is finally come out. has been gone all season, but w have another very cool air mass. that is a necessary ingredient for tornadoes.

the big fight between cold and warm it just happens to be occurring later than normal. dennis: as the. every time a big crisis like this happens, it is the advocates a gainst carbon emissions and the global warmin people, and say it is all because of global warming, but in this case it is the cold air that is the factor that has triggered this, not a propensit or oversupply of hot air? >> what happens, i think it is despicable that people tried to use that as an example. the tristate tornadoes in the 1920's that path that was 180 miles long and it went from one half to 2 miles wide from missouri of indiana, so when yo look at something like that against this, this happened in populated area. what happened is we have more and more people, a lot more people living in the way of danger our coast, an essential part of the united states. it is part of the population. the united states has grown so

much since the 50's and 60's , especially the deep south, because of that you will see more damage. on the other side of the ledger and this is where noaa has done such a great job of improving the warnings that these devastating death tolls have gone down overall. the tragedy for any human life must be remorseful, but compare to the tornadoes and amount of debt that we had in the 40's, 50's, 60's, and 70's -- i mean, the olympic tornadoes bac in the 70's, these are just the ones that killed hundreds o people. waco was another. so these types of things are no as common anymore. the man's death toll, and that is because the government weather service to such a spectacular job. when you get 20 minutes, even i you are only moving to miles-an-hour you will get far enough away to save your life, so it is a very, very, a very

good thing that these tornado warnings have improved like this . dennis: yes, i mean, i know we can watch the course of america and for days and days on the ma been updated, but these tornadoes, instantly out of nowhere which makes them all th scary. >> the other -- we know and a general sense where they will occur. this is not after the ffcts, bu last sunday we outlined the entire thing, basically using methods island in the 1970's. you could see this set up. it was finally coming together, so what happens is we know that general area. we can look at the atmosphere b an seeked that we have a situation similar to the 1950's as far as that. so we know, when you get down t the individual cell, that is where it is tough. remember, the average lifetime of the individual thunderstorm cell, not the entire complex is 35 minutes. up and down and form and that i another problem, these comedown

do. i compare hurricanes to bulldozers. these things, you never know when it's coming of this guy. a lot scarier and frightening than a hurricane. you can get other the way if yo choose to. your property cannot, but a day or two in advance you can if yo choose to do so. dennis: we're watching the pictures, and it is devastating. seeing it from a helicopter and is as if a big, huge caught flatfooted china has come in an stomped over an entire neighborhood. truly scary stuff. >> i don't mean to downplay this . please don't misunderstand the disease is a big nowadays, but if this were 1945 the same stor hit, a lot of that area would have been farm land and people are losing track of where we ar as far as that type of situatio goes through where we have populated areas so much that th

devastation is greater. more people live in the way of storms. you want to put perspective on the situation without downplaying it. it is a human tragedy for those of our head. dennis: these tornadoes, hurricanes, come in and what about property. federal loans, and rebuild rightness' same path. good luck tow, as they rebuild and thank you for being with us and putting that into perspective. the. >> my pleasure. dennis: more on the storm sweeping across oklahoma right after this. and and and and be by

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dennis: how does this devastating twister impact much needed gasoline supplies, joining me is john kingston. thank you. you might have seen some footage, devastating tornado blowing through in oklahoma, just laying waste to a neighborhood. and turning them into splinters. what kind of related spinoff impact does it have on gasoline supplies, might you know? >> it doosn't. unless you imagine a f-5 goes dead on against an oklahoma refinery, i'm sure there may be oil wells that have been

damaged, they are minimal contributors to over up supply. last night. the first wave was hitting at one point they said it as heading toward cushing, oklahoma, the delivery sport for we were watching that and i was watching nymex price it was not doing much of anything. for this to affect oil markets you would have a wild scenario in place. dennis: these refineries, my understanding we have not built a new refinery in the u.s. in 20 or 30 years that taking crude oil that turns it to gasoline. every time we see prices pop up here, sometimes at the pump even oil prices globally are down, because this is a refinery problem. the question comes why don't we

build a lot more refineries in the u.s. >> there is prob lo probably a e misunderstood fact since we have not built refineries. still a facility that produces a motor fuel, the issue is not a shortage of refinery capacity, in midwest several refineries have gone down for schedule maintenance, and it appears a couple of also having problems, that has pushed up the price, this is a small comfort in minnesota, paying $4.20 a gallon but it is temporary it will work out. individual markets, have retreated the past couple of days, and this is not a systemic permanent problem, this is a temporary problem. because of issues with refineries. dennis: all right. thank you so much that is well

handled. thank you. john kingston of platts, that assault money we into the for you, stay tune on fox business for continuing updates on the devastating. willis report is next. >> i am gerri willis on the willis report. >> your medical privacy at risk, we have a special investigation to what is happening to your medical record, and irs said it will not have access to your med cad -- medical record in the age of obamacare, are they telling the truth? are consumers getting the truth when it comes to sun screen? we're on the face tonight in the willis report. >> we are following a breaking news story out of oklahoma city, a mile-wide tornado struck